The move comes a week after SayPay Technologies was recognized as one of three startup finalists competing in the inaugural “UBS Future of Finance Challenge” held earlier this month in Singapore.

The worldwide tournament gives up-and-coming startups the opportunity to win cash prizes, make international business connections and share their vision on an international stage.

The 1776 Challenge Cup Local round in Mumbai saw the top 20 startups (out of a total of 102 applications) provide a two-minute pitch of their business, followed by a one-minute Q&A session from the judges. Aside from SayPay, ShereIt and KITK were also winnersI.

SayPay’s voice biometrics authentication solution works by users saying a unique SayPay code into a phone.

The system identifies the phone, authenticates the user by matching their voice against their registered voiceprint, and authorizes the transaction.

Using an advanced algorithm that combines speech recognition, voice recognition and tokenization, SayPay’s technology generates in real-time a unique SayPay Code that can only be used once.

An availability timer verifies processing within a fixed duration, with the SayPay Code expiring once the duration is over.

Headstart Network Foundation partnered with 1776, a global incubator, to organize the event.

The three winning startups received $10,000 in Google Credits from Google Cloud Platform, along with the chance to win $175,000 USD in cash and over $1,000,000 USD in potential investment.